|*3 or 5 years average for operating cashflow. Capex% is calculated for 10 years and subtracted from this number.|
"Within the big pharma industri, Novartis is one of the best-positioned companies for growth. [...] In particular, Novartis holds an industry-leading position in emerging markets, which should help the company capture strong future demand from these fast-growing countries. [...] Novartis´ generic divison, Sandoz, should benefit from patent losses on major blockbust drugs as well as strong international demand for generig drugs. [...] Considering the company´s relatively modest patent exposure, Novartis should see a fairly stable growth over the upcoming years relative to its competitors."Men i detta fall nöjer jag mig nog med befintlig position då Novartis är så beroende av patent (som kräver kontinuerlig innovation).